As the insurance industry continues to embrace data analytics, the fraud sector is seeing increasing benefits of implementation both domestically and abroad.
Fraud is an international problem as business and manufacturing become more global. What impacts a company in Europe or Asia, will also affect companies in the U.S. and other countries. Cyber attacks such as the WannaCry virus are an excellent example of how one event can have global repercussions.
There are new tools, however, that will assist insurers and business owners in detecting and tracking the impact of fraud. Three insurance fraud professionals, one each from Germany, the U.S. and Canada, weigh in on how data analytics is changing the insurance fraud landscape. Michael Skiba, Ph.D., is vice president of counter fraud strategies for Inform and based in Germany. Jeffrey G. Rapattoni is co-chair of the insurance fraud/SIU practice group for U.S.-based Marshall Dennehey Warner Coleman & Goggin, and Chris McKibbin is a partner in the fraud investigation, recovery and enforcement practice group for Blaney McMurtry LLP, in Canada.
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